Rental company calls in administrators

Fri, 03 Aug 2018 | ADMINISTRATION

Extreme Powered Platforms, a UK-based rental company, has entered administration with the speculation that a stagnant rental marketing is the reason for its downfall.

The company was placed in administration just as Extreme Hire Ltd, a new company, came into operation. Extreme Powered Platforms has now been acquired by the new business and will continue trading under the Extreme Hire name after a company-wide restructuring.

Both Extreme Powered Platforms and Extreme Hire Ltd are owned by Stuart Bond.

Located in a facility in Hailsham, East Sussex, the original company was founded in 2004 and began operations in 2005 with the introduction of new electric slab scissor lifts. Presently, it caters to a wide variety of aerial work platforms and offers self-propelled scissor lifts, booms, large spider lifts, push around lifts as well as truck mounts.

A second depot was opened in January 2014 in Shepperton, Surrey, and expanded its fleet of booms in 2015 by adding the Hinowa 26.14 Lightlift and the Hinowa Lightlift 17.75 Lithium to its list of West London services.

In 2016, the company added JLG telehandlers to its range of products on offer whilst also opening a third facility in Coventry.

Vertikal, an online news platform for information surrounding the crane and lift industry, stated: “While business volumes have been relatively strong, rental rates have continued to stagnate or ever slip in some cases, making the business very challenging and leaving no margin for error, this is especially true for companies that are heavily indebted with balloon type financing deals.”

Extreme Powered Platforms’ accounts reported £2.8 million worth of assets, and a net worth of £543,000.

Richard Brian Keley from BM Advisory LLP has been appointed as administrator for Extreme Powered Platforms.

Click here to view the Extreme Powered Platforms Ltd administration listing.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Commercial Cleaning Contractors
Scotland, UK

This impeccably managed and high performing Commercial Cleaning Business was established in 2005 and operates throughout the West of Scotland providing high quality cleaning services to a wide range of commercial and business enterprises both large a...

Asking Price: £325,000
Turnover: £500,000

Dry Cleaners
UK Wide

Dry Cleaning unit in a prime trading location within an affluent area of London. The business has been established over 50 years in the same family ownership; with a significant client base being a mixture of counter trade and domestic drop off and c...

Asking Price: £320,000
Turnover: £360,000

LEASEHOLD


Woodland Management Services
UK Wide

Offers a diverse range of bespoke timber harvesting, woodland management and contracting services to estates, forestry owners and farms.Services include harvesting, planting, fencing, maintenance, tree surgery and consultancy. Offers invited.

Asking Price: Offers Invited
Turnover: £9,100,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
28
 
Jan
 

Fairstone completes double acquisition | BUSINESS SALE

Tyne and Wear-based consolidator Fairstone Financial Managem...

 
27
 
Jan
 

Amigo founder puts company up for sale | BUSINESS SALE

Amigo founder James Benamor has put the subprime lender up f...

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources